Otis Worldwide Co. (NYSE:OTIS) Holdings Lifted by Avestar Capital LLC

Avestar Capital LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 6.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,228 shares of the company’s stock after acquiring an additional 143 shares during the quarter. Avestar Capital LLC’s holdings in Otis Worldwide were worth $206,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of OTIS. Exchange Traded Concepts LLC grew its holdings in shares of Otis Worldwide by 1,094.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock worth $145,000 after acquiring an additional 1,281 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of Otis Worldwide by 1.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 10,260 shares of the company’s stock valued at $1,066,000 after purchasing an additional 151 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Otis Worldwide by 0.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,127 shares of the company’s stock worth $4,483,000 after purchasing an additional 191 shares in the last quarter. V Square Quantitative Management LLC raised its holdings in Otis Worldwide by 14.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 7,769 shares of the company’s stock worth $808,000 after buying an additional 1,003 shares during the period. Finally, Riverview Trust Co purchased a new stake in Otis Worldwide during the third quarter valued at about $25,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $96.77 on Friday. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.33. The stock’s 50-day moving average is $94.77 and its two-hundred day moving average is $97.14. The firm has a market cap of $38.37 billion, a P/E ratio of 23.83 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, research analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock valued at $10,046,255 over the last three months. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.